For now, though, physical demand has maintained a base of support for the precious metal.
"However, recent gains in gold suggest the beginnings of a big and bullish double-bottom reversal pattern forming on the daily bar chart," Jim Wyckoff, senior analyst at Kitco.com, said in a note. "The gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,450."
Among volume leaders, Barrick Gold (ABX) was inching higher by 0.19%.-- Written by Joe Deaux in New York. >Contact by Email. Follow @JoeDeaux
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV